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Russia to become WTO member on August 22

July 24, 2012, 18:40 UTC+3
Russia will join the World Trade Organization (WTO) on August 22
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MOSCOW, July 24 (Itar-Tass) —— Russia will join the World Trade Organization (WTO) on August 22, and it will be beneficial to both Russia itself and its partners, Russian Foreign Ministry Spokesman Alexander Lukashevich said on Tuesday.

“On July 23, the government of the Russian Federation officially notified the Secretariat of the World Trade Organization about completion of all domestic procedures needed to be admitted to the WTO, including the ratification of the protocol on Russia’s joining the April 15, 1994 Marrakesh Agreement Establishing the World Trade Organization signed in Geneva on December 16, 2011,” the diplomat said.

In line with the WTO rules, Russia will join it on August 22, 2012, or the 30th day after the said notification was handed over.

“The completion of the years-long negotiating process on Russia’s accession of the World Trade Organization is an event of great political significance, advantageous both to us and to our partners,” the spokesman noted. “Membership in this universal trade club will expand Russia’s possibilities to defend its national interests.”

“It reiterates our course towards integration into the global economy and its key institutions, consolidates international positions of the country as a key participant in the global trade and economic architecture,” Lukashevich said.

As a WTO member, Russia “will pursue a policy towards constructive cooperation with all member states in order to observe the current rules of international trade and to work out its new principles that would meet the present-day challenges of global development,” he added.

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